Elliott wave analysis of GBP/JPY for December 9 – 2019

By | December 9, 2019
InstaForex
Elliott wave analysis of GBP/JPY for December 9 - 2019

Relevance up to 21:00 2019-12-09 UTC–8

analytics5deddf1d33525.png

GBP/JPY is consolidating before the next rally higher towards 143.25 and 144.55. Support at 141.70 will protect the downside for the next rally to 142.96 and 143.25 for the rally higher to 144.55.

A break below 141.70 will be of concern, but only a break below support at 140.81 will indicate red wave v and black wave iii already has completed and a more prolonged correction in wave iv is developing.

R3: 144.55

R2: 143.87

R1: 143.25

Pivot: 142.77

S1: 142.44

S2: 142.16

S3: 141.70

Trading recommendation:

We are long GBP from 140.12 with our stop placed at 141.55. We will take profit at 144.45

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Torben Melsted,
Analytical expert
InstaForex Group © 2007-2019

Benefit from analysts’ recommendations right now

Top up trading account

Get a bonus from InstaForex

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

InstaForex